First Bitcoin ETF in Latin America
So Brazil has now approved and will be home to the first Bitcoin ETF in Latin America:
Brazil Approves First Bitcoin ETF in Latin America
QR Capital says the approval of QBTC11, the fourth Bitcoin ETF in the world, could speed up the approval for a similar product in the US. It notes that the CVM and the U.S. Securities and Exchange Commission (SEC) are both affiliated members of the International Organization of Securities Commissions (IOSCO).
“IOSCO coordinates the most diverse financial market regulatory agencies around the world… This is important because the enabling of QBTC11, like the first three Canadian Bitcoin ETFs, can and should serve as a substance for ETF orders in the United States. This common movement among regulatory authorities is called Benchmark Regulation.”
The firm also notes that SEC commissioner Hester Peirce has asked the regulatory agency to hasten the process of introducing a Bitcoin ETF in the US following the approval of a BTC ETF in Canada.